๐ Market Overview:
Token: FIL (Filecoin)
Current Situation: FIL is retracing into a key support zone marked by the Fibonacci 0.618 level and previous high timeframe resistance.
Trading Approach: Observing buying pressure in this zone to trigger a spot buying opportunity.
๐ผ Trade Setup:
Entry Range: Consider entering the trade between $7 to $8, aligning with the key support zone and potential buying pressure.
Target Price: Aim for a take-profit range around $13 or $16.5, reflecting potential upside targets based on previous price action and resistance levels.
Risk Management: Implement a stop-loss strategy to exit the trade if the price closes below the critical support level, set at a daily close below $6.
๐ Rationale:
Key Support Zone: The Fibonacci 0.618 level and previous high timeframe resistance act as a significant support zone, attracting buying interest.
Buying Pressure: Observing for signs of buying pressure, such as bullish candlestick patterns or increasing volume, to confirm the validity of the support zone.
Upside Potential: Potential upside targets are based on historical price movements and resistance levels, providing achievable profit objectives.
Token: FIL (Filecoin)
Current Situation: FIL is retracing into a key support zone marked by the Fibonacci 0.618 level and previous high timeframe resistance.
Trading Approach: Observing buying pressure in this zone to trigger a spot buying opportunity.
๐ผ Trade Setup:
Entry Range: Consider entering the trade between $7 to $8, aligning with the key support zone and potential buying pressure.
Target Price: Aim for a take-profit range around $13 or $16.5, reflecting potential upside targets based on previous price action and resistance levels.
Risk Management: Implement a stop-loss strategy to exit the trade if the price closes below the critical support level, set at a daily close below $6.
๐ Rationale:
Key Support Zone: The Fibonacci 0.618 level and previous high timeframe resistance act as a significant support zone, attracting buying interest.
Buying Pressure: Observing for signs of buying pressure, such as bullish candlestick patterns or increasing volume, to confirm the validity of the support zone.
Upside Potential: Potential upside targets are based on historical price movements and resistance levels, providing achievable profit objectives.
